{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{longtable}{l*{8}{c}}
\caption*{Table A8: Bought Durables Indicator vs. Year-Ahead Expectations, Mortgagor Sample, GEE Logit estimation}\\
\toprule\endfirsthead\midrule\endhead\midrule\endfoot\endlastfoot
                                             &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         &\multicolumn{1}{c}{(8)}         \\
\midrule
Inflation Expectation                        &       0.454\sym{**} &       0.554\sym{**} &       0.521\sym{**} &       0.417\sym{*}  &       0.454\sym{**} &       0.546\sym{**} &       0.529\sym{**} &       0.413\sym{**} \\
                                             &     (0.218)         &     (0.228)         &     (0.221)         &     (0.224)         &     (0.218)         &     (0.212)         &     (0.236)         &     (0.206)         \\
Inflation Uncertainty                        &      -0.258         &      -0.252         &      -0.264         &      -0.270         &      -0.258         &      -0.360\sym{*}  &      -0.320\sym{*}  &      -0.253         \\
                                             &     (0.169)         &     (0.168)         &     (0.173)         &     (0.180)         &     (0.169)         &     (0.218)         &     (0.172)         &     (0.174)         \\
Mortgage Balance (Log)                       &       0.701         &       0.796\sym{*}  &       0.699         &       0.733\sym{*}  &       0.701         &       0.739\sym{*}  &       0.665         &       0.842\sym{*}  \\
                                             &     (0.427)         &     (0.429)         &     (0.493)         &     (0.411)         &     (0.427)         &     (0.431)         &     (0.452)         &     (0.431)         \\
Household Income (Log)                       &      -3.349\sym{**} &      -3.000\sym{**} &      -3.721\sym{**} &      -3.256\sym{**} &      -3.349\sym{**} &      -4.001\sym{***}&      -3.076\sym{**} &      -3.672\sym{***}\\
                                             &     (1.394)         &     (1.488)         &     (1.480)         &     (1.346)         &     (1.395)         &     (1.475)         &     (1.357)         &     (1.417)         \\
Expects Unemployment Increase                                  &      -3.137\sym{***}&      -3.295\sym{***}&      -3.190\sym{***}&      -3.393\sym{***}&      -3.136\sym{***}&      -2.929\sym{***}&      -3.149\sym{***}&      -3.179\sym{***}\\
                                             &     (0.707)         &     (0.737)         &     (0.739)         &     (0.883)         &     (0.707)         &     (0.895)         &     (0.728)         &     (0.731)         \\
Expects Unemployment Decrease                                  &      -1.671\sym{***}&      -1.756\sym{***}&      -1.705\sym{***}&      -1.294\sym{**} &      -1.671\sym{***}&      -1.741\sym{***}&      -1.673\sym{***}&      -1.509\sym{***}\\
                                             &     (0.457)         &     (0.508)         &     (0.478)         &     (0.613)         &     (0.457)         &     (0.537)         &     (0.462)         &     (0.453)         \\
Mean Inflation Expectation                   &      -0.204         &      -0.116         &       0.011         &      -0.196         &      -0.204         &      -0.115         &      -0.195         &      -0.176         \\
                                             &     (0.265)         &     (0.238)         &     (0.300)         &     (0.269)         &     (0.265)         &     (0.274)         &     (0.263)         &     (0.261)         \\
Mean Log Mortgage Balance                    &      -0.662         &      -0.788         &      -0.681         &      -0.635         &      -0.663         &      -0.652         &      -0.639         &      -0.832\sym{*}  \\
                                             &     (0.473)         &     (0.503)         &     (0.505)         &     (0.459)         &     (0.473)         &     (0.528)         &     (0.488)         &     (0.483)         \\
Mean Log Household Income                    &       4.887\sym{***}&       4.694\sym{***}&       5.184\sym{***}&       4.749\sym{***}&       4.888\sym{***}&       5.510\sym{***}&       4.686\sym{***}&       5.181\sym{***}\\
                                             &     (1.359)         &     (1.440)         &     (1.471)         &     (1.316)         &     (1.359)         &     (1.420)         &     (1.310)         &     (1.375)         \\
Mean Expects Unemployment Increase           &       1.977\sym{**} &       1.812\sym{*}  &       2.205\sym{**} &       2.015\sym{**} &       1.976\sym{**} &       2.609\sym{**} &       1.985\sym{**} &       2.018\sym{**} \\
                                             &     (0.937)         &     (0.945)         &     (1.023)         &     (0.936)         &     (0.937)         &     (1.174)         &     (0.942)         &     (0.904)         \\
Mean Expects Unemployment Decrease           &      -0.814         &      -0.887         &      -0.727         &      -0.931         &      -0.814         &      -1.314         &      -0.531         &      -1.158         \\
                                             &     (0.766)         &     (0.824)         &     (0.793)         &     (0.810)         &     (0.766)         &     (0.946)         &     (0.763)         &     (0.785)         \\
No College                                 &      -1.689\sym{***}&      -1.654\sym{**} &      -1.626\sym{**} &      -1.545\sym{**} &      -1.689\sym{***}&      -2.087\sym{***}&      -1.608\sym{**} &      -1.764\sym{***}\\
                                             &     (0.634)         &     (0.729)         &     (0.639)         &     (0.703)         &     (0.635)         &     (0.773)         &     (0.643)         &     (0.666)         \\
No College $\times$ Inflation Expectation  &      -0.688\sym{***}&      -0.788\sym{***}&      -0.754\sym{***}&      -0.683\sym{***}&      -0.688\sym{***}&      -0.704\sym{***}&      -0.703\sym{***}&      -0.711\sym{***}\\
                                             &     (0.158)         &     (0.203)         &     (0.194)         &     (0.152)         &     (0.158)         &     (0.184)         &     (0.156)         &     (0.202)         \\
No College $\times$ Inflation Uncertainty  &       0.564\sym{***}&       0.621\sym{***}&       0.574\sym{**} &       0.556\sym{**} &       0.564\sym{***}&       0.644\sym{**} &       0.469\sym{**} &       0.525\sym{**} \\
                                             &     (0.216)         &     (0.239)         &     (0.242)         &     (0.217)         &     (0.216)         &     (0.273)         &     (0.234)         &     (0.219)         \\
Mean Log Mortgage Balance $\times$ Inflation Expectation&       0.004         &      -0.007         &       0.007         &      -0.005         &       0.004         &      -0.023         &       0.026         &      -0.008         \\
                                             &     (0.086)         &     (0.090)         &     (0.089)         &     (0.083)         &     (0.086)         &     (0.078)         &     (0.087)         &     (0.105)         \\
Mean Log Household Income $\times$ Inflation Expectation&      -0.218         &      -0.116         &      -0.224         &      -0.243         &      -0.218         &      -0.112         &      -0.093         &      -0.173         \\
                                             &     (0.147)         &     (0.161)         &     (0.151)         &     (0.157)         &     (0.147)         &     (0.207)         &     (0.206)         &     (0.139)         \\
Regional Gas Price Inflation                 &                     &       0.136\sym{**} &                     &                     &                     &                     &                     &                     \\
                                             &                     &     (0.063)         &                     &                     &                     &                     &                     &                     \\
Lagged Inflation Expectation                 &                     &                     &      -0.305\sym{**} &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.135)         &                     &                     &                     &                     &                     \\
No College $\times$ Lagged Inflation Expectation&                     &                     &       0.245         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.270)         &                     &                     &                     &                     &                     \\
Lagged Inflation Uncertainty                 &                     &                     &      -0.013         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.180)         &                     &                     &                     &                     &                     \\
No College $\times$ Lagged Inflation Uncertainty&                     &                     &       0.017         &                     &                     &                     &                     &                     \\
                                             &                     &                     &     (0.240)         &                     &                     &                     &                     &                     \\
No College $\times$ Expects Unemployment Increase            &                     &                     &                     &       0.466         &                     &                     &                     &                     \\
                                             &                     &                     &                     &     (1.057)         &                     &                     &                     &                     \\
No College $\times$ Expects Unemployment Decrease            &                     &                     &                     &      -0.845         &                     &                     &                     &                     \\
                                             &                     &                     &                     &     (0.869)         &                     &                     &                     &                     \\
\midrule
Correlated Random Effects                    &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Chi$^2$                                      &     1531.14         &     4101.52         &     3779.40         &     2901.40         &     1530.50         &     5505.94         &     1639.51         &     2104.48         \\
P Value                                      &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         \\
Sample Size                                  &         671         &         671         &         671         &         671         &         666         &         600         &         665         &         622         \\
\bottomrule \caption*{\normalsize \doublespacing Standard errors in parentheses. \\ \textit{Note:} Each column includes time fixed effects. All means refer to within-subject means. Model (1) is unaltered. Model (2) includes gas price inflation and regional controls. Model (3) includes the lagged inflation expectation and lagged inflation uncertainty and their interactions with the no college indicator. Model (4) includes the interactions of the unemployment expectations indicators with the no college indicator. Model (5) restricts to the overlap sample between the durables and nondurables samples. Model (6) restricts to households in the durables mortgagor sample with more than 5 observations. Model (7) excludes months with outlier median inflation expectations: June 2010, March 2011, September 2011, February 2012. Model (8) excludes observations from 2009, in which the durable sample's spending patterns were most different from the CES. The full set of coefficients is presented in Table A18. Robust standard errors are clustered at the level of the individual respondent. \sym{*} \(p<0.10\), \sym{**} \(p<0.05\), \sym{***} \(p<0.01\) }
\end{longtable}
}
